Personal Management

Merit Badge Workbook

This workbook can help you but you still need to read the merit badge pamphlet.
This Workbook can help you organize your thoughts as you prepare to meet with your merit badge
counselor
Merit Badge Counselors may not require the use of this or any similar workbooks.
You still must satisfy your counselor that you can demonstrate each skill and have learned the
information.
You should use the work space provided for each requirement to keep track of which requirements
have been completed, and to make notes for discussing the item with your counselor, not for
providing full and complete answers.
If a requirement says that you must take an action using words such as
"discuss", "show", "tell", "explain", "demonstrate", "identify", etc, that is what
you must do.
No one may add or subtract from the official requirements found on Scouting.org.
The requirements were last issued or revised in 2019 • This workbook was updated in October 2022.

Scout’s Name: Unit:

Counselor’s Name: _ Phone No.: Email:

Please submit errors, omissions, comments or suggestions about this workbook to:
Workbooks@USScouts.Org Comments or suggestions for changes to the requirements for the merit
badge should be sent to: Merit.Badge@Scouting.Org

1. Do the following:

(1.) Discuss the plan with your merit badge counselor.

S. Scouting Service Project, Inc. (USSSP).

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(2.) Discuss the plan with your family.

I spoke with my family about the different cars, and what our family needs. And
then we made a list of cars.

(3.) Discuss how other family needs must be considered in this plan.
Fuel efficensy, number of passengers,4x4, number of drivers,price, a car that
holds up long because current car is 11 years old.

a. Develop a written shopping strategy for the purchase identified in requirement1a.

Write down the needs of the car. Check the project to see what it is Affordable. Go online.
And research. The best car for our needs. Read reviews about the different cars. Test
drive to see if the car is good. Not only on paper. Try to negotiate a good price.

(1.) Determine the quality of the item or service (using consumer publications or ratings
systems).
https://www.edmunds.com/
Kelley Blue Book
Youtube.com

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(2.) Comparison shop for the item. Find out where you can buy the item for the best price.
(Provide prices from at least two different price sources.)
Source Price
iCar.co.il 251,302₪
mitsubishi-israel.co.il 251,302₪

Call around; study ads. Look for a sale or discount coupon. Consider alternatives.
End of the year sale. Alternatives: Toyota Rav 4, Subaru XV

Can you buy the item used?

Yes, depends on price and condition.

Should you wait for a sale?

Given that cars are expensive, that would make sense.

2. Do the following:
 a. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and
savings for a period of 13 consecutive weeks
(There is a blank Sample Budget Plan table to set up a budget, summarize actual income nd
expenses, and compare them monthly at the end of this workbook, with a partially completed
example.)
 b. Compare expected income with expected expenses.
(1.) If expenses exceed budget income, determine steps to balance your budget.

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(2.) If income exceeds budget expenses, state how you would use the excess money (new goal,
savings).

 c. Track and record your actual income, expenses, and savings for 13 consecutive weeks (the
same 13-week period for which you budgeted). (You may use the forms provided in this
pamphlet, devise your own, or use a computer- generated version.) When complete, present
the records showing the results to your merit badge counselor.
(There is a table for tracking your actual weekly income and expenses that you can use, at the
end of this workbook, together with a partially completed example.)
 d. Compare your budget with your actual income and expenses to understand when your
budget worked and when it did not work. With your merit badge counselor, discuss what you
might do differently the next time

3. Discuss with your merit badge counselor FIVE of the following concepts:
 a. The emotions you feel when you receive money.

 b. Your understanding of how the amount of money you have with you affects your spending habits.

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c c. Your thoughts when you buy something new and your thoughts about the same item three months later.

Explain the concept of buyer's remorse.

c d. How hunger affects you when shopping for food items (snacks, groceries).

c e. Your experience of an item you have purchased after seeing or hearing advertisements for it.

Did the item work as well as advertised?

c f. Your understanding of what happens when you put money into a savings account.

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c g. Charitable giving. Explain its purpose and your thoughts about it.

c h. What you can do to better manage your money.

4. Explain the following to your merit badge counselor:

a. The differences between saving and investing, including reasons for using one over the other. Saving:

Investing:

Reasons for using one over the other:

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b. The concepts of return on investment and risk and how they are related.

c. The concepts of simple interest and compound interest Simple

interest:

Compound interest:

d. The concept of diversification in investing.

e. Why it is important to save and invest for retirement.

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5. Explain to your merit badge counselor what the following investments are and how each works:
a. Common stocks.

b. Mutual Funds

c. Life Insurance

d. A certificate of deposit (CD)

e. A savings account.

f. A U.S. savings bond.

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6. Explain to your counselor why people might purchase the following types of insurance and how they work:
a. Automobile

b. Health

c. Homeowner’s/renter’s

d. Whole life and term life

7. Explain to your merit badge counselor the following:

a. What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan. What a loan is:

What interest is:

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and how the annual percentage rate (APR) measures the true cost of a loan:

b. The different ways to borrow money.

c. The differences between a charge card, debit card, and credit card. Charge card

Debit card,

Credit card.

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What are the costs and pitfalls of using these financial tools?

Explain why it is unwise to make only the minimum payment on your credit card.

d. Credit reports and how personal responsibility can affect your credit report. Credit reports:

How personal responsibility can affect your credit report:

e. Ways to reduce or eliminate debt.

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8. Demonstrate to your merit badge counselor your understanding of time management by doing the following:
c a. Write a "to do" list of tasks or activities, such as homework assignments, chores, and personal projects, that must be
done in the coming week. List these in order of importance to you.
c b. Make a seven-day calendar or schedule. Put in your set activities, such as school classes, sports practices or
games, jobs or chores, and/or Scout or place of worship or club meetings, then plan when you will do all the tasks
from your "to do" list between your set activities.
c c. Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of
this week's activities, writing down when you completed each of the tasks on your "to do" list compared to when
you scheduled them.
c d. With your merit badge counselor, review your "to do" list, one-week schedule, and diary/journal to understand
when your schedule worked and when it did not work.
(There is a Time Management Worksheet which can be used for planning your weekly set activities and tasks and for
tracking your actual “to do” list results, at the end of this workbook, with an example.)
Discuss what you might do differently the next time.

9. Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a
real-life project. Examples could include planning a camping trip, developing a community service project or a school or
religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan.
Discuss your completed project plan with your merit badge counselor.
a. Define the project. What is your goal?

b. Develop a timeline for your project that shows the steps you must take from beginning to completion.

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c. Describe your project.

d. Develop a list of resources. Identify how these resources will help you achieve your goal.

e. Develop a budget for your project.

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10. Do the following:

a. Choose a career you might want to enter after high school or college graduation.

Discuss with your counselor the needed qualifications, education, skills, and experience..

b. Explain to your counselor what the associated costs might be to pursue this career, such as
tuition, school or training supplies, and room and board. Explain how you could prepare for
these costs and how you might make up for any shortfall.

* Always be sure to have proper permission before using the internet. To learn about appropriate
behavior and etiquette while online, consider earning the BSA Cyber Chip. Go to
www.scouting.org/training/youth-protection/cyber-chip/ for more information.

When working on merit badges, Scouts and Scouters should be aware of some vital information in the current edition of the
Guide to Advancement (BSA publication 33088). Important excerpts from that publication can be downloaded from
http://usscouts.org/advance/docs/GTA-Excerpts-meritbadges.pdf.
You can download a complete copy of the Guide to Advancement from http://www.scouting.org/filestore/pdf/33088.pdf.

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Sample Budget Plan

Month 1 Month 2 Month 3

Over/ Over/ Over/
Income Sources Budget Actual Budget Actual Budget Actual
Under Unde Under
r
Allowance
Gifts
Wages
Other

Income Totals

Expenses
Savings-pay yourself 1st
Donations/Charity
Food/Meals out
Clothing
Entertainment/Movies
CDs/DVDs, etc.
Recreation
Sports/Hobbies
Travel
Books/Magazines
Gifts
Other:

Expense Totals
Income - Expenses

Note The Budget Expense Total each month should equal the Budget Income Total. After each Month is completed, review the
Over/Under amounts and adjust the budget for the following month

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Table for tracking your actual income, expenses, and savings for 13 consecutive weeks. Page 1 of 4

Date Description of Daily Income or Expense Category Income Expense Balance

Week 1 Opening
Balance
.

Week 2

Week 3

Week 4

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Management
Table for Tracking your actual income, expenses, and savings for 13 consecutive weeks. Page 18 of
4
Date Description of Daily Income or Expense Category Income Expense Balance
Week 5 Week 4 Ending
Balance
.

Week 6

Week 7

Week 8

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Table for Tracking your actual income, expenses, and savings for 13 consecutive weeks. Page 19 of
4
Date Description of Daily Income or Expense Category Income Expense Balance
Week 9 Week 8 Ending
Balance
.

Week 10

Week 11

Week 12

Table for Tracking your actual income, expenses, and savings for 13 consecutive weeks. Page 4 of 4

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Date
Management Description of Daily Income or Expense Category Income Expense Balance
Week 13 Week12 Ending
Balance
.

Time Management Worksheet

“Planned Schedule Scheduled Time Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day
7 Set Activities

To Do” Tasks

Actual Results

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Management Example Budget Plan

Month Month Month

1 2 3
Over/ Over/ Over/
Income Sources Budge Actual Under Budge Actual Under Budget Actual Under
t t
Allowance 20.00 20.00 20.00
Gifts 16.00 18.00 2.00
Wages 80.00 60.00 -20.00 80.00
Other 10.00 12.50 2.50 12.00

Income Totals 126.0 110.50 -15.50 112.0

0 0
Expenses
Savings-pay yourself 25.00 25.00 42.00
1st
Donations/Charity 15.00 12.00 -3.00 10.00
Food/Meals out 20.00 28.75 8.75 25.00
Clothing 30.00 -30.00
Entertainment/ 16.00 25.15 9.15 10.00
Movies
CDs/DVDs, etc.
Recreation
Sports/Hobbies 10.00 12.25 2.25 15.00
Travel
Books/Magazines
Gifts 5.00 5.00

Other: 10.00 -10.00 10.00

Expense Totals 126.0 108.15 -17.85 112.0

0 0
Income - Expenses 0 2.35 2.35 0.

Note The Budget Expense Total each month should equal the Budget Income Total. After each Month is completed,
review the Over/Under amounts and adjust the budget for the following month

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Management Example of tracking actual income, expenses, and savings
Date Description of Daily Income or Expense Category Income Expense Balance
Week 1 Opening 15.00
Balance
6/20/202 Movie with friends Entertainment 8.50 6.50
0
6/22/202 Lunch a t school Food 4.25 2.25
0
6/24/202 3 hours working at restaurant las t week Job 18.00 20.25
0
6/25/202 Money from mom Allowance 5.00 25.25
0

Week 2
6/29/202 Lunch at school Food 4.25 21.00
0

Example of Time Management Exercise

Set Activities Scheduled Time Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7
School 8am - 3pm X X X X X
Basketba ll 3pm - 5pm X X X X X
Scouts 7pm - 8:30pm X
Church 9am - 10a m X

To Do” Tasks
Homework 6pm - 8pm x x
Homework 5:30 - 6:30 pm x x
Home chores 10am - Noon
x
Personal Mgmt MB 9pm - 9:30pm
x x x x x x
Work at Corkys 6pm - 9pm
Science Project 7pm - 8pm
Movie with frie nds 2pm - 4pm x x x
x

Actual Results TotalTime Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7
Homework 4 hrs 2 hrs 1 hr 1 hr

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Home chores 3 hrs 3 hrs
Persona l Mgmt 2 hrs 30 min 15 min 15 min 20 min 15 min
MB Work at Corkys 3.5 hrs 3.5 hrs
Science Project 1 hr 1 hr
Movie with friends 5 hrs 5 hrs

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